“The bill that the Senate hastily put together and passed does little to provide economic growth and does virtually nothing to implement much-needed spending reforms. The deal raises approximately $620 billion in new revenue, but only has $15 billion in spending cuts, i.e. for every $1 in spending cuts there will be $41 in new taxes. The legislation also raises taxes on job creators, which will hinder job creation. I do not feel that this bill went far enough to curb the culture of wasteful spending and to protect taxes rates for job creators. For these reasons I voted in opposition of the bill’s passage."

WASHINGTON -- Legislation to block the "fiscal cliff" is headed to the White House for President Barack Obama's signature. The bill will avoid, for now, the major tax increases and government spending cuts that had been scheduled to take effect with the new year.

Final approval came in the House on New Year's Night. The vote was 257 to 167. President Obama praised the move and has promised to sign the bill into law.

The Senate passed the bill less than 24 hours earlier.

The measure raises tax rates on incomes over $400,000 for individuals and $450,000 for couples, a victory for Obama.

It also extends expiring unemployment benefits for the long-term jobless, prevents a cut in fees for doctors who treat Medicare patients and cancels a $900 pay increase due to lawmakers in March.

Another provision is designed to prevent a spike in milk prices.

We've got a link to the full text of the bill as voted on by congress at the top of this page.

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